Freddie Mac (FMCC)

[FOFreddie]

Thanks for the quick reply. I got to think you have made a good trade and if it turns out you never are able to get a full position at lower prices that is a good thing!

Regarding the GFA Holdings it is my understanding that they should be disclosed within 2 to 3 weeks after quarter end so we should have an update what's left to go. Kthomp seems to monitor this closely and perhaps he could confirm.

Regarding news events - I am waiting for the Govt filings in Collins as the likely next event. I believe they are due a couple of days before the DC Ct of Appeals Cert Petition which I believe will be important to see how they incorporate the 5th Circuit cases regarding the separation of powers issues. I would not expect that the 6th Circuit will NOT rule in the Rop case until after the DC Cert Petition is filed. Although it is a low probability I am hopeful for a big ruling invalidating the 3rd Amendment on the Appointments Clause separation of powers from the Rop 6th Circuit because I think Judge Thapar understands the issues and could share in the positions taken by Judge Edith Jones in the 5th. Basically I am looking for the 6th to look to the 5th for separation of powers guidances. Bhatti in the 8th needs to get back the Ct. of Appeals to be impactful unless we get a surprise favorable ruling at the District Ct. level. I dont know if you have read my thoughts on the DC Cert Petition that I have previously posted here but I think the DC Circuit wrongly relied on the 5th's position regarding retroactive damages in Collins and would expect the Cert Petition to highlight that.

I am not so hopeful with Bhatti since the Judge at the District Ct has already dismissed once but we probably wont see the transcript for 90 days since it is being redacted and it is my understanding that it is sealed for 90 days but I could be wrong.